KARACHI, Dec 30: Stocks on Friday closed the old account on a firm note as a section of leading investors and financial institutions covered positions on selected counters but there were no signs of mid-year boom conditions.

Both bargain hunters and speculative traders kept to the sidelines during the closing stages of the fading year as no one among them inclined to make fresh commitments in an overbought market where the chances of capital gains were not that attractive.

However, on balance the market finished the eventful year on a bullish note and analysts hoped the legacy of a sustained bull-run is expected to be passed on to the new year with a challenging future share market ahead.

The KSE-share index posted a fresh gain of 59.26 points at 9,556.61 and settled above the level of 9,500 as leading base shares tended further higher.

During the year 2005, which has just faded into history for the equity market, has many records on its credit both in terms of index level and price flare-ups, proving itself again the most “performing market of the world”.

The KSE 100-share index rose to its all-time higher level so far at 10,300, showing an increase of 52 per cent inclusive of dividends and bonus shares and that could be described as an astounding performance judged by any standards, analysts said.

After the last March crash caused by broker manoeuvring, it fluctuated between 7,000 and 9,600 levels but failed to touch again the benchmark of 10,000 despite a several abortive efforts.

“It is too early to predict its performance in the new year in the backdrop of some political tensions on the Kalabagh dam and developing situation in Balochistan, but backed by economic indicators it could be said it will be more investor-friendly than the previous,” they said.

Under the massive privatization programme, several state-owned units were privatized during the year and the sell-off of PTCL to Dubai-based Etisalat is on the top of all.

Plus signs dominated the list under the lead of Siemens Pakistan, Unilever Pakistan, Abbott Lab and Nestle Pakistan and Arif Habib Securities, up by Rs10.45 to Rs40 followed by EFU General and Life, Sapphire Fibre, Attock Petroleum, Thal Corporation and IGI Insurance, which posted gains ranging from Rs7.75 to Rs11.

Losers were led by National Refinery, Pakistan Gum & Chemicals, Bata Pakistan, Gillette Pakistan, Bhanero Textiles and Sanofi Aventis, off Rs3 to Rs11. Others showed modest declines.

Trading volume rose to 255m shares from the previous 193m shares as gainers maintained a fair lead over the losers at 207 to 133, with 46 shares holding on to the last levels.

PTCL was actively traded, up by 50 paisa at Rs65.40 on 26m shares followed by Lucky Cement, higher by Rs2.90 at Rs83.90 on 24m shares, OGDC, firm by 80 paisa at Rs118 on 18m shares, National Bank, up by Rs1.70 at Rs199.45 on 14m shares and Nishat Mills, lower 90 paisa at Rs113.50 on 13m shares.

Other actives were led by Bank of Punjab, steady 30 paisa on 13m shares, Bank Alfalah, higher by Rs2.05 on 11m shares, Faysal Bank, firm by 60 paisa on 10m shares, D.G.Khan Cement, steady by 40 paisa on 8m shares and Fauji Cement, higher by 35 paisa on 7m shares.

FORWARD COUNTER: Both settlements of the PTCL, rose by 55 paisa and 21 paisa at Rs66.50 and Rs65.16 for the ruling January and matured December contracts respectively on 9m and 7m shares, while Lucky Cement rose by Rs2.61 at Rs85.40 on 8m shares.